01-09-2004, 10:28 AM
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I'll explain things in very simple language so that people who don't have much knowledge don't have a problem...
To actually be called an Actuary, one should complete all the 'modular courses' of either Society of Actuaries (USA) or Institute of Actuaries (UK)... By modular I mean that these courses are like ACCA's course, you can choose whenever you want to appear in the exams, or you can skip the current attempt and appear for the exams in the next available session... Initial courses are held twice a year, but the last few courses are held only once a year... The classes for these courses are not conducted 'through' universities or colleges, instead just like ACCA, you can choose whenever to appear for the exam and just register for it... In Pakistan, there are no 'official' tuition providers for these modular courses... Students study themselves or at times get tuitions for particular part of subjects like statistics from a stats teacher...
There are also bachelors and masters courses for Actuarial Sciences, namely BSc. in Actuarial Sciences and MSc. in Actuarial Sciences... The bachelors takes minimum three years... These courses are offered through universities... However, in Pakistan, only at the moment Karachi University offers it and has just recently started it... Others have announced that they're starting it soon too, but no official date has been given... Outside Pakistan, there are a lot of universities that offer BSc. and MSc. in Actuarial Sciences, some have been named by Derivativetrader... As explained by DerivativeTrader, the value of BSc. in UK, etc. is quite good but in Pakistan until you don't have a masters degree, you 'educationally' don't stand anywhere, you 'professionally' might.
By doing the BSc. or MSc. in Actuarial Sciences, one CANNOT call himself/herself an Actuary... You get approx 60% exemptions from the 'modular exams' after you have completed the BSc... So once you have passed all the 'modular exams', either by the BSc. route or the direct one, you become an Actuary.
Its not mandatory for students of Actuarial Sciences to get work experience, but one should get as much work experience as a trainee as he/she can... Work experience counts a lot.
I hope that answers all the questions... It would be great if Mr.Ahsan comments on my post, coz if I'm not mistaken, he himself is studying BSc. in Actuarial Sciences from LSE.
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Itâs correct that I am studying for a bachelors programme in Actuarial Science at the London School of Economics, as held quite appropriately by Sumaaan. Also, I support the comments and issues raised by the writer about the qualifications and the entry routes for the Actuarial Profession.
However, I have few issues regarding the insight provided by the Sumaaan to address as well.
Firstly, that not all masters programmes in actuarial science lead to get exemptions from the Institute of Actuaries. The prime example is the MSc. Actuarial Science offered by the City University London. This MSc. only provide exemption from the first 9 exams, which apparently a BSc Actuarial Science offers as well, and so realistically speaking for an actuarial professional, this MSc is basically the waste of time, if the objective for such person was totally gaining the exemptions from the Institute. However, a programme called MSc Actuarial Management does provide exemptions from up to 3 / 4 further modules, and consequently by completing the degree successfully, a graduate could get qualified up to the 80% level.
Having said that, MSc in Actuarial Science offered by the Kent University does offer exemptions up to the same level as the MSc Actuarial Management from City University. So, itâs definitely not true that all MSc Actuarial Science programmes offer exemptions, as can be proved fairly easily.
Secondly, I am also quite sure that in order to become a fully qualified actuary, a Fellow of the Faculty or Institute (FFA, FIA), you must pass all of the professional examinations and complete 3 years practical work experience, within an actuarial field (Institute only).
So, as I get the impression from the post by Sumaaan, that you donât need work experience for the actuarial status, therefore, I thought I must rectify the error.
As regard rest of the post is concerned, I appreciate the spot on knowledge of Sumaaan.
AHSAN
I'll explain things in very simple language so that people who don't have much knowledge don't have a problem...
To actually be called an Actuary, one should complete all the 'modular courses' of either Society of Actuaries (USA) or Institute of Actuaries (UK)... By modular I mean that these courses are like ACCA's course, you can choose whenever you want to appear in the exams, or you can skip the current attempt and appear for the exams in the next available session... Initial courses are held twice a year, but the last few courses are held only once a year... The classes for these courses are not conducted 'through' universities or colleges, instead just like ACCA, you can choose whenever to appear for the exam and just register for it... In Pakistan, there are no 'official' tuition providers for these modular courses... Students study themselves or at times get tuitions for particular part of subjects like statistics from a stats teacher...
There are also bachelors and masters courses for Actuarial Sciences, namely BSc. in Actuarial Sciences and MSc. in Actuarial Sciences... The bachelors takes minimum three years... These courses are offered through universities... However, in Pakistan, only at the moment Karachi University offers it and has just recently started it... Others have announced that they're starting it soon too, but no official date has been given... Outside Pakistan, there are a lot of universities that offer BSc. and MSc. in Actuarial Sciences, some have been named by Derivativetrader... As explained by DerivativeTrader, the value of BSc. in UK, etc. is quite good but in Pakistan until you don't have a masters degree, you 'educationally' don't stand anywhere, you 'professionally' might.
By doing the BSc. or MSc. in Actuarial Sciences, one CANNOT call himself/herself an Actuary... You get approx 60% exemptions from the 'modular exams' after you have completed the BSc... So once you have passed all the 'modular exams', either by the BSc. route or the direct one, you become an Actuary.
Its not mandatory for students of Actuarial Sciences to get work experience, but one should get as much work experience as a trainee as he/she can... Work experience counts a lot.
I hope that answers all the questions... It would be great if Mr.Ahsan comments on my post, coz if I'm not mistaken, he himself is studying BSc. in Actuarial Sciences from LSE.
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Itâs correct that I am studying for a bachelors programme in Actuarial Science at the London School of Economics, as held quite appropriately by Sumaaan. Also, I support the comments and issues raised by the writer about the qualifications and the entry routes for the Actuarial Profession.
However, I have few issues regarding the insight provided by the Sumaaan to address as well.
Firstly, that not all masters programmes in actuarial science lead to get exemptions from the Institute of Actuaries. The prime example is the MSc. Actuarial Science offered by the City University London. This MSc. only provide exemption from the first 9 exams, which apparently a BSc Actuarial Science offers as well, and so realistically speaking for an actuarial professional, this MSc is basically the waste of time, if the objective for such person was totally gaining the exemptions from the Institute. However, a programme called MSc Actuarial Management does provide exemptions from up to 3 / 4 further modules, and consequently by completing the degree successfully, a graduate could get qualified up to the 80% level.
Having said that, MSc in Actuarial Science offered by the Kent University does offer exemptions up to the same level as the MSc Actuarial Management from City University. So, itâs definitely not true that all MSc Actuarial Science programmes offer exemptions, as can be proved fairly easily.
Secondly, I am also quite sure that in order to become a fully qualified actuary, a Fellow of the Faculty or Institute (FFA, FIA), you must pass all of the professional examinations and complete 3 years practical work experience, within an actuarial field (Institute only).
So, as I get the impression from the post by Sumaaan, that you donât need work experience for the actuarial status, therefore, I thought I must rectify the error.
As regard rest of the post is concerned, I appreciate the spot on knowledge of Sumaaan.
AHSAN
